Saudi banking sector growth driven by mortgages: report

Saudi banking sector growth driven by mortgages: report
Saudi banking sector growth driven by mortgages: report

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Jeddah - Yasmine El Tohamy - RIYADH: Mexico's Deputy Finance Minister has affirmed his country’s interest in strengthening its economic ties with Saudi Arabia, saying there are “infinite opportunities” in a rapidly transforming nation. 

During a two-day visit to Riyadh, Gabriel Yorio Gonzalez said that Mexico wants to be a partner as the Kingdom rapidly transforms.

“We do see infinite opportunities for partnering … to strengthen ties, including sustainable financial markets,” Gonzalez said. “We have shared interest to increase trade, food security, energy transition, sustainable infrastructure, and water.” 

The minister visited the Kingdom from May 28-May 29 as a part of a Gulf-wide tour with the mission of attracting inward investment in Mexico and strengthening economic cooperation with the Gulf states. 

“We are expecting to build a longstanding relationship with Saudi Arabia, in this sense, increasing economic and financial cooperation is key,” he said. “We want a vibrant presence in this beautiful country. 

“This is the first time Mexico sent a delegation (from) the Ministry of Finance and the Ministry of Foreign Affairs (to) Saudi Arabia.

“We agreed to bring together firms and enterprises to identify synergies. Cooperation will focus on culture, tourism, water desalinization,” he added.

“Both countries are engaging in infrastructure projects that will be transformative for our people, and for that, we will need to mobilize resources,” he said.

“Currently, Mexico is benefiting from the nearshoring trend, international firms are relocating to our country to take advantage of the free trade agreements and economic fundamentals.” 

During their visit to Saudi Arabia, the Mexican delegation visited NEOM’s “The Line” exhibition and King Abdullah Financial District.

The Mexican Embassy said that the visit was one of the commitments made by the Foreign Minister, Marcelo Ebrard, during a visit in March of last year as the two countries marked 70 years of diplomatic relations.

The Vice Foreign Minister, Carmen Moreno Toscano, who was also on the more recent trip, said that Mexico was undergoing a deep transformation like Saudi Arabia, “especially transitioning towards equality, prosperity, and environmental justice.”

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